If your current motor policy is up for renewal what do you need to do to make sure you get the best deal, either from your current insurer or from a new motor insurance partner? Below we have provided a succinct guide to best practices to ensure you obtain the cover you need at the lowest price.
Car Insurance Renewal
You might be surprised to know that even if you do not make a claim (through your current insurer) on your car insurance policy in the first year, your premium is likely to rise.
The levels of apathy which exist amongst UK personal finance consumers dictates that many motorists are unlikely to switch provider at the end of the first year. The insurers take advantage of this fact and load the premiums during years two and three, clawing back profits surrendered by the initial great deal during your first year.
- The first rule is if you have not made a claim in the last year you should expect to pay less for your insurance this year.
- Always shop around and search the market online for a competitive premium.
- Look for a relevant policy that covers you for the things that matter to you and be sure to compare policies on a like-for-like basis.
- Consider the excesses and exclusions carefully.